Unexpected drop in mortgages
MORTGAGE approvals fell unexpectedly in June and now stand at 20.5 per cent lower than a year ago.
The British Bankers’ Association said that the number of new mortgages approved in June fell to 26,269, down from 29,567 in May. Analysts had expected mortgage approvals to rise to about 31,400 in June. The value of new mortgages lent for house purchase also fell, down from £4.7bn in May to £4.2bn, and lower than the six-month average of £5.1bn.
Statistics director David Dooks blamed holidays and wet weather for putting a dampener on mortgage approvals and said that paying off loans and building up deposits had become the ambition for consumers.